−Removed: Friedman Industries, Incorporated (the “Company”), a Texas corporation incorporated in 1965, is a manufacturer and processor of steel products and operates in two reportable segments:
+Added: Friedman Industries, Incorporated (the “Company”), a Texas corporation incorporated in 1965, is a manufacturer and processor of metals and operates in two reportable segments:
flat-roll products and tubular products.
1 unchanged sentence
Flat-Roll Products
−Removed: The flat-roll product segment consists of the operation of five hot-rolled coil processing facilities located in Hickman, Arkansas;
−Removed: Decatur, Alabama;
−Removed: East Chicago, Indiana;
−Removed: Granite City, Illinois and Sinton, Texas.
+Added: The flat-roll product segment consists of flat-roll processing facilities located in Hickman, Arkansas; Decatur, Alabama; Miami, Florida; East Chicago, Indiana; Granite City, Illinois and Sinton, Texas and a flat-roll distribution facility located in Orlando, Florida.
The Hickman, Granite City and East Chicago facilities operate temper mills and cut-to-length lines.
The Decatur and Sinton facilities operate stretcher leveler cut-to-length lines.
−Removed: The equipment at all locations improve the flatness and surface quality of the coils and cut the coils into sheet and plate of prescribed lengths.
+Added: The Miami facility operates a corrective leveling cut-to-length line and a coil slitting line.
+Added: The processing equipment improves the quality of the material and cuts the material into sheet, plate or slit coil.
On a combined basis, the facilities are capable of cutting sheet and plate with thicknesses ranging from 30 gauge to 1” thick in widths ranging from 11” wide to 96” wide.
−Removed: The vast majority of flat-roll product segment revenue is generated from sales of Company owned inventory but the segment also generates revenue from the processing or storage of customer owned coils on a fee basis.
+Added: The flat-roll segment is able to produce slit coil with thickness ranging from 32 gauge to 10 gauge in widths ranging from 1/2" wide to 60" wide.
+Added: The Granite City facility also operates a fiber laser which further processes flat-roll sheet and plate into customer parts.
+Added: The vast majority of flat-roll product segment revenue is generated from sales of Company owned inventory but the segment also generates revenue from the processing or storage of customer owned material on a fee basis.
The coil processing facilities are substantially similar with respect to products produced.
The Company makes shipments of products based on which facility offers the desired product or, if the product is available at multiple facilities, based on other factors, such as customer location, freight conditions and the ability of the facility to fulfill the order on a timely basis.
−Removed: Flat-roll products are sold on a wholesale, rapid-delivery basis in competition with other processors of hot-rolled steel coils.
−Removed: Shipments are made via unaffiliated truckers or by rail.
+Added: Flat-roll products are sold on a wholesale, rapid-delivery basis in competition with other processors of metals.
The flat-roll segment purchases its inventory from a limited number of suppliers.
13 unchanged sentences
The Company sells flat-roll products and processing or storage services to approximately 1,160 customers located primarily in the midwestern, southwestern and southeastern regions of the United States.
−Removed: The Company’s principal customers for these products and services are steel distributors and customers manufacturing steel products such as steel buildings, railroad cars, barges, tanks and containers, trailers, component parts and other fabricated steel products.
−Removed: Sales of flat-roll products to O'Neal Steel accounted for approximately 16% of the Company's total sales for both fiscal years 2025 and 2024.
+Added: The Company’s principal customers for these products and services are metals distributors and customers manufacturing products such as metal buildings, railcars, heavy equipment, tanks and containers, trailers, component parts and other fabricated metal products.
+Added: Sales of flat-roll products to O'Neal Steel accounted for approximately 15% and 16% of the Company's total sales for fiscal years 2026 and 2025, respectively.
No other individual flat-roll products customer accounted for 10% or more of the Company's total sales for either of the two fiscal years.
−Removed: The Company sells all of its flat-roll products through its own sales force.
−Removed: At March 31, 2025, the sales force was comprised of the Vice President of Sales – Flat Roll Division and 28 sales personnel.
Tubular Products.
2 unchanged sentences
In fiscal years 2026 and 2025, no individual tubular customer accounted for 10% or more of the Company’s total sales.
−Removed: The Company sells all of its tubular products through its own sales force.
−Removed: At March 31, 2025, the sales force was comprised of the Vice President and General Manager – Tubular Division and two sales personnel.
The Company is engaged in a non-seasonal, highly-competitive business.
−Removed: The Company competes with other processors of hot-rolled steel coils, tubular manufacturers, steel distributors and brokers.
−Removed: The Company believes that, generally, its ability to compete is dependent upon its ability to offer products at prices competitive with or below those of other steel suppliers, as well as its ability to provide products meeting customer specifications on a rapid-delivery basis.
+Added: The Company competes with other metal service centers, tubular manufacturers, metals distributors and brokers.
+Added: The Company believes that, generally, its ability to compete is dependent upon its ability to offer products at prices competitive with or below those of other metals suppliers, as well as its ability to provide products meeting customer specifications on a rapid-delivery basis.
Human Capital
24 unchanged sentences
formerly Controller — Texas Tubular Products since 2011
+Added: Gaurav Chhibbar
+Added: Chief Operating Officer since July 2025
Not required.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.